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Rumor: Facebook releases its own payment method this month

Facebook would like to launch its own Payment method later this month. The crypto currency is said to be in the hands of a foundation that, according to Facebook, should consist of several tech companies and banks.

By relinquishing control in a foundation, Facebook hopes to prevent problems with regulators , The Information reports based on conversations with several people within Facebook. Other companies and banks can buy in for ten million dollars, after which they use hardware and software as a node for blockchain currencies. It will probably be named Libra.

The means of payment is primarily intended for countries where the national currency is not that stable or bank accounts are not widespread. Users of Facebook services such as Messenger and WhatsApp should then be able to transfer money to each other easily. There must also be physical ATMs and retailers receive a bonus if they accept Facebook’s payment method.

Facebook will not charge any transaction costs. How the social network wants to make money from the payment method is not yet clear. Facebook director Mark Zuckerberg said during F8 developers conference that he thought sending money should be as easy as sending a photo. The company has not confirmed or denied the rumors.

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Rumor: Facebook releases its own payment method this month

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